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XRP News Today: The Ripple case, the appeal and the US presidential election
“I met with more than a dozen Democratic and Republican senators in DC over the past 48 hours to discuss creating clear rules for the crypto industry and consumer protections for crypto users. There is strong bipartisan momentum to achieve this in the Senate now that FIT21 has passed the House. I’m glad to see the voice of the crypto voter having an impact.”
The Coinbase CEO also has an interest in the US presidential election.
Investors await court decision on Coinbase Motion for Interlocutory Appeal. Coinbase filed the motion in April after Judge Katherine Failla largely denied Coinbase’s motion to dismiss (MTD).
If Judge Failla grants the appeal request, Coinbase will be able to appeal the dismissal request decision. Coinbase filed the motion to dismiss in August 2023, arguing that the SEC did not have the legal authority to regulate cryptocurrency exchanges in the US.
If Coinbase successfully overturns the motion to dismiss ruling, the SEC could face pressure from Capitol Hill to back off plans to appeal the programmatic XRP sales decision.
While court decisions are crucial, the US presidential election may have greater significance.
Former US President and Republican Party leader Donald Trump recently targeted crypto voting, saying,
“If you like crypto in any form… and it comes in many forms… if you are for crypto, you better vote for Trump.”
In contrast, US President Joe Biden vetoed resolution SAB 121. Resolution SAB 121 was a bipartisan vote to end the requirement for companies to include cryptocurrencies held by custodial customers as liabilities on the balance sheet.
A Trump victory would end SEC regulation during the enforcement era, paving the way for an XRP spot ETF market and possibly returning the US to the helm of innovation.